ORLEN takes 20% stake in Goliat and four Norwegian licences
- ORLEN to acquire 20% in five licences, including the producing Goliat field and Goliat Ridge discovery.
- Transaction adds approximately 58 million boe of recoverable volumes, including about 3 BCM of natural gas.
- ORLEN expects production from the acquired portfolio to rise from ~4,000 to ~12,000 boe/d by the end of the decade.
- Goliat FPSO capacity up to 100,000 bbl/d, powered >90% by shore renewables with emissions ≈2.0 kg/boe.
Deal
ORLEN Upstream Norway has signed an agreement with Vår Energi to acquire a 20% stake in five licences, covering the producing Goliat field and the Goliat Ridge discovery.
Reserves and production
The transaction increases ORLEN’s recoverable volumes by roughly 58 million barrels of oil equivalent, including about 36 million boe attributable to Goliat and around 22 million boe from Goliat Ridge, with approximately 3 BCM of natural gas. ORLEN expects output from the acquired assets to triple over the next years, rising from about 4,000 to 12,000 boe/d by the end of the decade, and projects the fields to remain onstream at least until 2040.
Field development and infrastructure
Planned investments include infill drilling and beginning production of natural gas previously reinjected. Goliat, discovered in 2000 and producing since 2016, operates via an FPSO with up to 100,000 bbl/d production capacity and roughly 1 million barrels of storage. The FPSO is shore-powered with more than 90% renewable electricity, yielding an emission intensity near 2.0 kg/boe compared with a cited global average of 16 kg/boe.
Regulatory and partners
Completion is subject to Norwegian regulatory approval. On closing, licence shares will be Vår Energi (operator) 45%, Equinor 35% and ORLEN Upstream Norway 20%.
Source: ORLEN